Majority of retail investors using credit to buy cryptocurrencies

Older groups less likely to borrow

clock • 3 min read
Over 2 million adults in UK own crypto
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Over 2 million adults in UK own crypto

Over two thirds of cryptocurrency investors borrowed money to buy into the highly-volatile asset class instead of using their own wealth, according to a study by financial broker KIS Finance.

Across age groups, 64% of crypto investors used credit facilities to fund their purchases, but older age groups were found to be less likely to do so. Over a third of 2,000 people surveyed used a credit card to invest in cryptocurrencies, while almost a fifth used their overdrafts. Nearly 15% took out a personal loan, while some 9% used a secured loan to buy crypto assets, according to the report. Crypto crime hit record $14bn in 2021 Holly Andrews, managing director at KIS Finance, said: "In recent years, the cryptocurrency industry has grown rapidly and cryptos are becoming a ...

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